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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): July 30, 2024

M/I HOMES, INC.
(Exact name of registrant as specified in its charter)
Ohio1-1243431-1210837
(State or other jurisdiction(Commission(I.R.S. Employer
of incorporation)File Number)Identification No.)

4131 Worth Avenue, Suite 500             Columbus, OH 43219
(Address of principal executive offices)          (Zip Code)

(614) 418-8000
(Telephone Number)
N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value $.01MHONew York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




SECTION 2    FINANCIAL INFORMATION

ITEM 2.02    RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 30, 2024, M/I Homes, Inc. (the “Company”) issued a press release reporting financial results for the three- and nine-months ended June 30, 2024. A copy of this press release, including information concerning forward-looking statements and factors that may affect our future results, is attached hereto as Exhibit 99.1.

ITEM 9.01    FINANCIAL STATEMENTS AND EXHIBITS
(d)    Exhibits.
Exhibit No.
Description of Exhibit
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).*

         *Submitted electronically with this Report in accordance with the provisions of Regulation S-T.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  July 30, 2024

M/I Homes, Inc.

By:
/s/ Ann Marie W. Hunker
Ann Marie W. Hunker
VP, Chief Accounting Officer and Controller



Exhibit 99.1
milogoa42.jpg


M/I Homes Reports
2024 Second Quarter Results

Columbus, Ohio (July 30, 2024) - M/I Homes, Inc. (NYSE:MHO) announced results for the three and six months ended June 30, 2024.

2024 Second Quarter Highlights:
•Homes delivered increased 12% to 2,224
•Revenue increased 9% to $1.1 billion, a second quarter record
•Pre-tax income increased 25% to $194.1 million, 17.5% of revenue, all-time quarterly records
•Net income increased 24% to an all-time quarterly record of $146.7 million ($5.12 per diluted share)
•Shareholders’ equity reached a record $2.7 billion, a 19% increase from a year ago, with book
value per share of $100
•New contracts increased 3% to 2,255
•Backlog sales value increased to $1.82 billion, up 3%
•Repurchased $50 million of common stock
•Return on equity of 21%

The Company reported pre-tax income of $194.1 million and net income of $146.7 million ($5.12 per diluted share), both all-time quarterly records. This compares to pre-tax income of $155.4 million and net income of $118.0 million, or $4.12 per diluted share, for the second quarter of 2023. For the six months ended June 30, 2024, pre-tax income increased to a record $374.4 million and net income increased to a record $284.8 million, or $9.90 per diluted share, compared to $291.3 million and $221.1 million, or $7.77 per diluted share, for the same period of 2023, respectively.

Homes delivered in 2024's second quarter increased 12% to 2,224 homes. This compares to 1,990 homes delivered in 2023’s second quarter. Homes delivered for the six months ended June 30, 2024 increased 10% to 4,382 from 2023’s deliveries of 3,997. New contracts for the second quarter of 2024 increased 3% to 2,255 compared to 2,197 in 2023. For the first half of 2024, new contracts increased 10% to 4,802 compared to 4,368 in 2023. Homes in backlog at June 30, 2024 had a total sales value of $1.82 billion, a 3% increase from a year ago. Backlog units at June 30, 2024 decreased 2% to 3,422 homes, with an average sales price of $533,000. At June 30, 2023, backlog sales value was $1.78 billion, with backlog units of 3,508 and an average sales price of $507,000. M/I Homes had 211 communities at June 30, 2024 compared to 195 communities at June 30, 2023. The Company's cancellation rate was 10% in both the second quarter of 2024 and the second quarter of 2023.

Robert H. Schottenstein, Chief Executive Officer and President, commented, “We had a very strong second quarter highlighted by all-time quarterly records in income, gross margins and pre-tax margins. For the quarter, revenue increased by 9%, gross margins were 28% compared to 25% a year-ago, pre-tax margins were 17.5% compared to 15.3% a year ago, and pre-tax income improved by 25% to an all-time record $194.1 million. These results produced a solid 21% return on equity.”



Mr. Schottenstein continued, “Our financial condition is strong. We ended the quarter with record shareholders’ equity of $2.7 billion, an increase of 19% from a year ago, book value of $100 per share, cash of $837 million, a homebuilding debt to capital ratio of 20%, and a net-debt-to-capital ratio of negative 6%. Given our first-half performance, along with the strength of our balance sheet, low debt levels, diverse product offerings and well-located communities, we are positioned to have a very strong 2024.”
The Company will broadcast live its earnings conference call today at 10:30 A.M. Eastern Time. To listen to the call live, log on to the M/I Homes’ website at mihomes.com, click on the “Investors” section of the site, and select “Listen to the Conference Call.” A replay of the call will continue to be available on our website through July 2025.

M/I Homes, Inc. is one of the nation’s leading homebuilders of single-family homes. The Company has homebuilding operations in Columbus and Cincinnati, Ohio; Indianapolis, Indiana; Chicago, Illinois; Minneapolis/St. Paul, Minnesota; Detroit, Michigan; Tampa, Sarasota, Fort Myers/Naples and Orlando, Florida; Austin, Dallas/Fort Worth, Houston and San Antonio, Texas; Charlotte and Raleigh, North Carolina and Nashville, Tennessee.

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects,” “anticipates,” “targets,” “envisions,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements involve a number of risks and uncertainties. Any forward-looking statements that we make herein and in any future reports and statements are not guarantees of future performance, and actual results may differ materially from those in such forward-looking statements as a result of various factors, including, without limitation, factors relating to the economic environment, interest rates, availability of resources, competition, market concentration, land development activities, construction defects, product liability and warranty claims and various governmental rules and regulations, as more fully discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed herein will increase with the passage of time. We undertake no duty to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or presentations should be consulted.


Contact M/I Homes, Inc.
Ann Marie W. Hunker, Vice President, Chief Accounting Officer and Controller, (614) 418-8225
Mark Kirkendall, Vice President, Treasurer, (614) 418-8021



M/I Homes, Inc. and Subsidiaries
Summary Statement of Income (unaudited)
(Dollars and shares in thousands, except per share amounts)

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
New contracts2,255 2,197 4,802 4,368 
Average community count215 198 214 197 
Cancellation rate10 %10 %9 %12 %
Backlog units3,422 3,508 3,422 3,508 
Backlog sales value$1,822,686 $1,777,657 $1,822,686 $1,777,657 
Homes delivered2,224 1,990 4,382 3,997 
Average home closing price$482 $493 $477 $489 
Homebuilding revenue:
   Housing revenue$1,072,044 $980,198 $2,088,557 $1,955,144 
   Land revenue6,975 8,549 10,203 8,852 
Total homebuilding revenue$1,079,019 $988,747 $2,098,760 $1,963,996 
Financial services revenue30,762 25,266 57,724 50,547 
Total revenue$1,109,781 $1,014,013 $2,156,484 $2,014,543 
Cost of sales - operations800,501 755,829 1,563,861 1,521,733 
Gross margin$309,280 $258,184 $592,623 $492,810 
General and administrative expense63,994 55,654 120,078 106,614 
Selling expense58,495 51,871 112,435 100,951 
Operating income$186,791 $150,659 $360,110 $285,245 
Other income— (28)— (35)
Interest income, net of interest expense
(7,348)(4,670)(14,268)(6,059)
Income before income taxes$194,139 $155,357 $374,378 $291,339 
Provision for income taxes47,393 37,356 89,571 70,272 
Net income$146,746 $118,001 $284,807 $221,067 
Earnings per share:
Basic$5.26 $4.25 $10.18 $7.98 
Diluted$5.12 $4.12 $9.90 $7.77 
Weighted average shares outstanding:
Basic27,878 27,792 27,965 27,698 
Diluted28,668 28,624 28,777 28,469 


M/I Homes, Inc. and Subsidiaries
Summary Balance Sheet and Other Information (unaudited)
(Dollars in thousands, except per share amounts)

As of
June 30,
20242023
Assets:
Total cash, cash equivalents and restricted cash (1)
$837,458 $668,287 
Mortgage loans held for sale227,254 190,845 
Inventory:
Lots, land and land development1,467,961 1,296,486 
Land held for sale4,235 15,183 
Homes under construction1,306,650 1,207,759 
Other inventory159,618 167,586 
Total Inventory$2,938,464 $2,687,014 
Property and equipment - net36,438 35,495 
Investments in joint venture arrangements46,180 41,988 
Operating lease right-of-use assets56,697 58,404 
Goodwill16,400 16,400 
Deferred income tax asset15,313 18,019 
Other assets165,866 145,297 
Total Assets$4,340,070 $3,861,749 
Liabilities:
Debt - Homebuilding Operations:
Senior notes due 2028 - net$397,266 $396,492 
Senior notes due 2030 - net297,117 296,613 
Total Debt - Homebuilding Operations$694,383 $693,105 
Notes payable bank - financial services operations222,792 186,396 
Total Debt$917,175 $879,501 
Accounts payable278,859 264,656 
Operating lease liabilities58,043 59,461 
Other liabilities344,876 359,672 
Total Liabilities$1,598,953 $1,563,290 
Shareholders’ Equity2,741,117 2,298,459 
Total Liabilities and Shareholders’ Equity$4,340,070 $3,861,749 
Book value per common share$100.03 $82.73 
Homebuilding debt to capital ratio (2)
20 %23 %
(1)Includes $0.2 million and $0.9 million of restricted cash and cash held in escrow for the quarters ended June 30, 2024 and 2023, respectively.
(2)The ratio of homebuilding debt to capital is calculated as the carrying value of our homebuilding debt outstanding divided by the sum of the carrying value of our homebuilding debt outstanding plus shareholders’ equity.


M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data (unaudited)
(Dollars in thousands)
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Cash provided by operating activities
$27,511 $166,190 $143,283 $417,689 
Cash (used in) provided by investing activities
$(10,433)$1,991 $(27,541)$(2,802)
Cash used in financing activities
$(49,782)$(42,458)$(11,088)$(58,142)
Land/lot purchases$119,182 $96,068 $226,842 $141,714 
Land development spending$144,539 $108,914 $263,906 $201,333 
Land sale revenue$6,975 $8,549 $10,203 $8,852 
Land sale gross profit
$1,933 $892 $3,246 $889 
Financial services pre-tax income$14,400 $11,159 $26,712 $23,800 



M/I Homes, Inc. and Subsidiaries
Non-GAAP Financial Results (1)
(Dollars in thousands)
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Net income$146,746 $118,001 $284,807 $221,067 
Add:
Provision for income taxes47,393 37,356 89,571 70,272 
Interest income - net
(10,686)(6,980)(20,453)(10,653)
Interest amortized to cost of sales7,938 8,734 16,240 16,774 
Depreciation and amortization4,607 4,266 9,074 8,663 
Non-cash charges3,810 2,301 7,349 4,374 
Adjusted EBITDA$199,808 $163,678 $386,588 $310,497 

(1) We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operations and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. These non-GAAP financial measures should be used to supplement our GAAP results in order to provide a greater understanding of the factors and trends affecting our operations.


M/I Homes, Inc. and Subsidiaries
Selected Supplemental Financial and Operating Data

NEW CONTRACTS
Three Months EndedSix Months Ended
June 30,June 30,
%%
Region20242023Change20242023Change
Northern1,002 949 6 %2,164 1,777 22 %
Southern1,253 1,248 — %2,638 2,591 2 %
Total2,255 2,197 3 %4,802 4,368 10 %


HOMES DELIVERED
Three Months EndedSix Months Ended
June 30,June 30,
%%
Region20242023Change20242023Change
Northern951 783 21 %1,794 1,580 14 %
Southern1,273 1,207 5 %2,588 2,417 7 %
Total2,224 1,990 12 %4,382 3,997 10 %


BACKLOG
June 30, 2024June 30, 2023
DollarsAverageDollarsAverage
RegionUnits(millions)Sales PriceUnits(millions)Sales Price
Northern1,618 $853 $527,000 1,253 $631 $504,000 
Southern1,804 $970 $538,000 2,255 $1,147 $509,000 
Total3,422 $1,823 $533,000 3,508 $1,778 $507,000 


LAND POSITION SUMMARY
June 30, 2024June 30, 2023
LotsLots UnderLotsLots Under
RegionOwnedContractTotalOwnedContractTotal
Northern6,784 10,250 17,034 7,545 7,199 14,744 
Southern16,520 15,898 32,418 15,893 10,695 26,588 
Total23,304 26,148 49,452 23,438 17,894 41,332 


v3.24.2
Cover Page Cover Page
Jul. 30, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 30, 2024
Entity Registrant Name M/I HOMES, INC.
Entity Incorporation, State or Country Code OH
Entity File Number 1-12434
Entity Tax Identification Number 31-1210837
Entity Address, Address Line One 4131 Worth Avenue
Entity Address, Address Line Two Suite 500
Entity Address, City or Town Columbus
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43219
City Area Code 614
Local Phone Number 418-8000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Shares, par value $.01
Trading Symbol MHO
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000799292
Amendment Flag false
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